New Zealand could be off a European Union list providing guidance for EU banks and financial institutions about countries with EU equivalent money laundering and anti terrorist financing laws for at least 16 months after being dumped from this so-called “White List” in February, the Government says.
Although the list doesn’t have legal status, customers and financial institutions from non-EU countries on it are viewed as being subject to EU equivalent anti-money laundering and counter-terrorism financing standards.
“New Zealand’s removal from the White List means EU financial institutions and banks could undertake additional measures to ensure customers (including companies) from New Zealand are who they say they are,” a spokeswoman for Foreign Affairs Minister Murray McCully told interest.co.nz. “Government officials are monitoring for any potential changes for New Zealand businesses.”
Fairfax Media’s Mike Field reported last month that New Zealand had been kicked off the list in February. Field quoted a Latvian official saying the move stemmed from an evaluation of New Zealand laws and regulations on money laundering and terrorist financing prevention in comparison to international requirements. The move means EU financial institutions can no longer “accept and acknowledge” customer identification and analysis performed in New Zealand.
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